KMART CORPORATION NAMES FLOYD HALL CHAIRMAN, PRESIDENT AND CEO
Former CEO of Target Stores, Grand Union and B. Dalton
TROY, Mich., June 5 /PRNewswire/ -- Kmart Corporation (NYSE: KM) today announced that Floyd Hall, a retailing executive with extensive experience in the discount store and supermarket businesses, has been named chairman, president and chief executive officer, effective immediately.
Hall, 56, brings to Kmart a 39-year career in discount, food and specialty retailing and a reputation for being an entrepreneurial, innovative and team-oriented manager. He has served as: president and CEO of B. Dalton Bookseller (then a division of Dayton-Hudson) from 1973 to 1981; chairman and CEO of Target Stores (discount store division of Dayton-Hudson) from 1981 to 1984; and chairman and CEO of Grand Union (food retailer) from 1984 to 1989. He is currently Chairman and CEO of The Museum Company, an international, privately-held retail chain which specializes in selling museum reproductions.
"Floyd Hall is an outstanding merchant and executive who will add seasoned leadership and operating discipline to Kmart," said Joseph P. Flannery, chairman of the Kmart Board of Directors' search committee. "His unique background in mass merchandising, supermarkets, specialty stores, manufacturing, turnarounds and start-ups will be highly instrumental as Kmart continues to strengthen its core discount-store operations and grow its Super Kmart format."
"Throughout his career, Floyd has achieved excellent operating and financial results and strengthened the performance of every company he has served -- often at critical periods in their history," Flannery said. "We are very pleased that he has chosen to bring that experience to Kmart and are confident his skills will complement those of the management team now in place."
At Target, Hall grew the discount chain from 97 to 205 stores as sales rose from $1.3 billion to $3.1 billion and operating earnings nearly tripled. He initiated a major expansion to the West Coast, introduced an "everyday low price" strategy and developed private label programs in soft and hard lines. Hall also led B. Dalton during a time of rapid growth, with the chain expanding from 62 stores to more than 500 while sales increased from $42 million to $350 million.
At Grand Union, Hall led a successful turnaround of the supermarket company -- as he had earlier in his career at Singer Stores. In 1983, the year before he arrived, Grand Union had a loss of $115 million. By 1987, the company had achieved a pre-tax profit of $80 million, the fourth highest return on sales for the entire food industry that year. Grand Union was sold to an investor group in 1989.
"Having been a retailer my entire career and a competitor of Kmart in the past, I am excited about the opportunity to lead one of the world's largest and best known retail companies," said Hall. "Kmart faces many challenges ahead, but it also has many strengths, including a terrific group of executives and associates. I am committed to working closely with them to enhance the value of the company for our shareholders and customers."
With Hall's arrival at Kmart, Donald S. Perkins has relinquished his role as chairman but remains a member of the company's Board of Directors and chairman of the Board's executive/finance committee. Anthony N. Palizzi, executive vice president, general counsel, and Ronald J. Floto, executive vice president and president, Super Kmart Centers, who served as Interim president and chairman of Kmart's management executive committee, respectively, have resumed their previous responsibilities.
"I am pleased -- and relieved -- that the search committee has successfully completed its mission," Perkins said. "I am confident Floyd Hall will be the strong and visionary leader Kmart needs to achieve the results its hard-working associates deserve."
Born in Oklahoma and raised in California, Hall currently resides in Montclair, New Jersey. He began his retailing career at the age of 18 as an appliance salesman for Montgomery Ward and remained with that company for 14 years, eventually rising to become national sales manager.
Hall founded and financed the start-up of The Museum Company in 1989. Since then, the Company has grown to 63 stores in the U.S. and Canada, offering reproductions from more than 200 museums worldwide.
Kmart Corporation serves America with nearly 2,300 retail outlets in all 50 states, Puerto Rico, the U.S. Virgin Islands and Guam. Kmart also is the parent company for Builders Square. Kmart's international operations extend to Canada, the Czech Republic and Slovakia and, through joint ventures, to Mexico and Singapore.
Kmart Corporation's stock is listed on the New York, Pacific and Chicago Stock Exchanges. Its trading symbol is KM.
/EDITORS' ADVISORY: Kmart Corporation will satellite broadcast video and audio footage of remarks to associates by Donald S. Perkins and Floyd Hall on GSTAR IV Transponder 6, Audio 6.2 or 6.8, KU Band from 2-2:20 p.m. Eastern time today, June 5, 1995. For further information about the satellite broadcast, contact: Dennis Wigent, Manager, Electronic Communications at Kmart at 810-643-1832./
/CONTACT: Shawn Kahle or Mary Lorencz, Corporate Affairs, 810-643-1021, or Orren F. Knauer, Investor Relations, 810-643-1040, all of Kmart/
CO: Kmart Corporation ST: Michigan, New Jersey IN: REA SU: PER
SC -- DE003 -- 2294 06/05/95 08:57 EDT
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|Date:||Jun 5, 1995|
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